Beneath Comcast CEO Brian Roberts’ meek appearance lies a killer instinct and the best poker face in cable television deal-making.

That’s why industry watchers last week greeted news that Comcast may look to acquire rights to air NHL games – as part of a total repositioning of its Outdoor Life Network as an all-sports channel to challenge ESPN – with more than a bit of suspicion.

It might just be a ploy to gain Roberts leverage – and save him millions of dollars in ESPN carriage fees, analysts said.

“Going after the rights gives Comcast the ability to say to sports programming providers that they expect to be a player, and that they expect to be accommodated if they decide to back off,” said Jimmy Schaeffler, a cable industry analyst with The Carmel Group.

While no one doubts Comcast’s earnestness in creating a national sports network – the company’s failed hostile takeover of Disney last year exposed its content ambitions – ulterior motives may also be at play.

By actively pursuing sports-programming rights, Comcast is simultaneously positioning itself to, at the very least, extract concessions from ESPN when its contracts come up for renewal next year.

Roberts has to do something to stem the rising fees paid to ESPN. If not, by 2009 Comcast will be paying the network a humongous $6.48 per-subscriber per-month fee, according to one estimate.

Comcast would save millions if the annual rate increases dropped to 7 percent, which is what Cox Communications and Charter Communications pay, according to industry estimates, under deals hammered out last year.

And Comcast’s size gives it more leverage than Cox.

By floating OLN as a possible bidder, Roberts can, at a minimum, spoil ESPN’s attempt to acquire NHL programming rights on the cheap. ESPN turned down an option to air NHL games this season for $70 million.

“Many of our distributors have been in the programming business for some time,” a spokesman said. “Leagues have entered the business as well. All of us have found ways to work with one another to the benefit of our respective businesses, and competition makes us all better.”

Of course, as Schaeffler noted, that could just be a polite way of saying: “You don’t want to upset ESPN.”